The Renewed Developmental State: The National Development Bank and the Brazil Model

This study examines how Brazil operationalised a renewed developmentalist project during the democratic period, and especially during the presidency of Lula da Silva. We use an original data set of 2,115 loans made by the Brazilian National Development Bank (BNDES) between 2002 and 2011 to show elem...

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Bibliographic Details
Published in:The Journal of development studies 2013-11, Vol.49 (11), p.1484-1499
Main Authors: Hochstetler, Kathryn, Montero, Alfred P.
Format: Article
Language:English
Subjects:
Brazil
Democracy
Development banks
Development strategies
Economic Development
Globalization
Historical analysis
Industrial sector
Industry
Innovations
Loans
Market orientation
National development
Presidency
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Summary:This study examines how Brazil operationalised a renewed developmentalist project during the democratic period, and especially during the presidency of Lula da Silva. We use an original data set of 2,115 loans made by the Brazilian National Development Bank (BNDES) between 2002 and 2011 to show elements of both change and continuity with Brazil's developmentalist past. Large loans continued to flow to many of Brazil's historic large firms and industrial sectors - as reported widely - but the data also show significant numbers of smaller loans to firms in all sectors, as well as renewed support for internationalisation and innovation. We conclude that BNDES's lending reflects less a wholly new model of developmentalism than it does a developmentalist strategy that has been renewed and updated for the challenges and opportunities of a more market-oriented economy.
ISSN:0022-0388
1743-9140
DOI:10.1080/00220388.2013.807503